Image 8 of Minutes of the University of Kentucky Board of Trustees, 2011-03-29

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2004 in associate degree programs approved by the UK Board of Trustees and who complete the
associate degree program on or before August 31, 2010 shall have their degrees conferred by the
UK Board of Trustees. She moved approval of AACR 2. Dr. Brockman asked for a second,
which was given by Mr. Dawson. AACR 2 passed with no dissent. (See AACR 2 at the end of
the Minutes.)
M. Audit Subcommittee Report
Dr. Brockman asked Mr. Stuckert to give the report ofthe Audit Subcommittee. Mr.
Stuckert, chair of the Finance Committee, under which the Audit group is a subcommittee,
reported that the Audit Subcommittee met that moming. The subcommittee discussed the
auditing comments and statements for the fiscal year ending June 2011 as contained in the pre-
audit report provided by BKD. They retained BKD LLP, the university’s auditor, as a
continuation of a five-year contract that was initiated in 2008. Joe Reed, senior director of
Intemal Audit, proposed revisions to the Audit Subcommittee charter and to the Intemal Audit
charter, both of which were accepted by the Audit Subcommittee.
N. Finance Committee Report
Mr. Stuckert reported that the committee considered three resolutions at that moming’s
meeting after discussing each one thoroughly.
O. Acceptance of Interim Financial Report for the University of Kentucky for the Six
Months Ended December 31 2010 (FCR 1 )
Ms. Angie Martin, Vice President, Office ofthe Treasurer, explained the financials and
reviewed assets and liabilities found in the attachment to FCR 1. Mr. Stuckert invited specific
questions about the content ofthe report, then moved approval of FCR 1. Mr. Shoop seconded
his motion, and there was no opposition to its adoption. (See FCR 1 at the end ofthe Minutes.)
P. A Resolution Providing for the Authorization Issuance and Sale of
Approximately $19,000,000 General Receipts Obligations (Upgrade Student Center
Infrastructure) of the University of Kentucky Pursuant to the Trust Agreement Dated as of
November 1 2005 {FCR 2)
Mr. Stuckert stated that the substance of FCR 2 was approved, in effect, at the last board
meeting, and this resolution is a specification of terrns involved in the issuance ofthe municipal
bonds. He made it clear that although FCR 2 states that "The Upgrade Student Center
Infrastructure Project will not result in an increase in tuition,” upon subsequent questioning the
Finance Committee found that such an increase would be incurred. As a result, Student
Govemment on behalf ofthe students voted that a $24 per student per semester fee would be
initiated to cover the cost of this expansion. Mr. Stuckert moved approval of FCR 2. Mr. Smith
seconded the motion. It passed without dissent. (See FCR 2 at the end of the Minutes.)